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What is the difference amount of expense over income called when income exceeds expense?
Expenses more than income is called "Loss" Income over expenses called "Profit"
Net income will result if gross profit exceeds what?
expenses
Is revenue part of an income statement?
Yes revenues and expenses are part of income statement and difference between revenue and expenses is called net income or loss.
Positive operating income will result if gross profit exceeds?
Positive Operating income will result if gross profit exceeds operating expenses
If the firm's sales revenue income exceeds its expenses the firm has earned a profit?
If a firm's sales revenue exceeds its expenses, the firm has earned a profit.
What is the difference amount of expense over income called when income exceeds expense?
Expenses more than income is called "Loss" Income over expenses called "Profit"
What is the us deficit?
The difference, on a yearly basis, between the budget (expenses) for the federal government of the United States and revenues (income). When the expenses are more than the income, the difference is called the deficit. When the income is more than the expenses, the difference is called a surplus.
What is us deficite?
The difference, on a yearly basis, between the budget (expenses) for the federal government of the United States and revenues (income). When the expenses are more than the income, the difference is called the deficit. When the income is more than the expenses, the difference is called a surplus.
Net income will result if gross profit exceeds what?
expenses
Is it true of false that profit is the difference between earned income and costs?
True. Profit is defined as the difference between earned income (revenue) and costs (expenses). If income exceeds costs, a profit is generated; if costs exceed income, a loss occurs.
Is revenue part of an income statement?
Yes revenues and expenses are part of income statement and difference between revenue and expenses is called net income or loss.
Positive operating income will result if gross profit exceeds?
Positive Operating income will result if gross profit exceeds operating expenses
If the firm's sales revenue income exceeds its expenses the firm has earned a profit?
If a firm's sales revenue exceeds its expenses, the firm has earned a profit.
When total revenues exceed total expenses what is the difference called?
Net income
Definition of net income?
The amount by which revenue exceeds expenses. If expenses exceed revenue it is a net loss.
Are revenues the same as net income?
Revenues are earnings from sales of products and net income is the difference between revenues and expenses.
What is Profit or loss account?
Profit and loss is nothing but an statements which shows the net profit and net loss during a period.
